Forex Crisis: FG plans to clampdown on Binance, and other crypto exchanges

[Marykeller]

Due to the steady weakening of our naira to dollar, the Nigeria government don plan to move against Binance and other crypto exchanges base on currency manipulation on forex and money laundering d use them the execute crime activities. Because of the shady activities on crypto exchanges and currency manipulation on forex na em d contribute significantly to d weakening of our naira. Na the FG reason be that.

Link to info: https://www.premiumtimesng.com/news/670254-exclusive-forex-crisis-nigeria-plans-clampdown-on-binance-other-crypto-firms.html

My question come be, wetin Binance and other crypto exchange gats to do with the forex crisis? Na them be the real reason why our naira d fall yakata to dollar. Crypto exchange work no be to d give a country currency exchange to dollar. By the way, our naira no be d only currency wey Binance and other crypto exchanges have a trading value to dollar. So why must FG come after them than finding a means to why our naira d fall on a reg since Tinubu took over as Nigeria's president. I think sae, Tinubu d em support of crypto as em claim before. So why this move now? Na the question I d ask so


I am not happy about our naira weakening but our FG taking a move against all the crypto exchanges based on the stated reason no be wetin I fancy cos crypto exchanges are never the cause of our naira weakening.

[1714255359]

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[Moreno233]

I just got a notification in one of the news outlet that Binance has accepted to work with Nigerian government to clamp down or Naira to Dollar dealers , which is the p2p aspect of Binance.

This was contained in this article by Peoples Gazett : https://gazettengr.com/binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/.

A check on Binance exchange shows nothing have actually changed rather there is a reduction in the volume of traded USDT/NGN and no corresponding reduction in BTC/NGN volume. Seems traders are simply avoiding USDT trade by converting to BTC using Binance Convert before exchanging to NGN. Perhaps the inept government officials that attributed Nigeria's economic crisis to Binance and other exchanges are just angry with dollar and not any other thing. If people stop mentioning dollar, I doubt they will have problem with Binance because it is obvious they are confused and don't know where to vent their anger.

I expected the CBN governor and some other key officials to have resigned by now, but here is Nigeria where politics is investment that cannot abandon even when they cannot deliver. How will they feed if they resign? Do they have another job apart from politics?

[Obim34]

I heared something like this from the news but joked with it, how serious can this be?

Our government are really poor with making decisions to the betterment of the country or may be they are just avoiding the solution knowing fully well the right action to take, why then are they beating round the bush? FOREX and all has never been the main course of why the Dollars keep appreciating against our Naira, it's just enough they should take the bull by the horn and do what's right.

[Churchillvv]

it is said that "until a philosopher becomes the leader there will be no peace". something of this nature but I can't remember the statement. I'm beginning to agree with that statement, until we have a philosopher as president we shouldn't be expecting change, a philosopher in thia context does not really mean a philosopher but anyone that can think in a very innovative way.

its obvious that our government, from the national president to even the grassroot leaders are the most confusing and hard hearted humans ever, the ban that was lifted is back in another shape it's very much clear to me.

I believe this has nothing to really do with the exchange rate or let's say very little to do with the exchange rate. i believe external forces (world power) has something to do with this new enforcement, they know the power Nigerians have in every industry. if they succeed tiring down binance in the US their next target is Nigeria because we are second to non in Africa and most likely the biggest in the internet so we are always targets. no wonder ex president Johnathan said the forces above are destroy Nigeria not the Nigerian leaders themselves because they know how much Investment reach president has in there country so they use them to manipulate decisions over here.

Now the issue of inflation is based on fuel price the high the fuel price the more our naira gets devalued they know this but instead of tackling the really problem they beat around the bush and make themselves more rich. sooner there will be more choas in the country.

In all my concern is how do we coiners cope with the new instructions that will be placed although I know there will always be a way out. but in the main time it's very concerning, I just hope something gets done or there should be an exposure of the governments evil then there will be calm for a while.

[Wiwo]

You guys can take a look at the Binance regulatory statement about this situation, the thing is that,  the news caption got it all wrong but what do you expect from a newspaper or bloggers, They just want to sell the news at all costs,  but then with Binance statement,  set a lot of records straight.

Link
https://nairametrics.com/2024/02/21/naira-value-binance-explains-actions-on-trading-by-nigerians/

But in general,  the current economic situation in Nigeria needs all the action that the government can take but in the right direction there is a lot of tax linkage in Nigeria and this is the main issue that is affecting our internal economy.

Cryptocurrency exchanges like Binance and the rest have only served as a gateway to bitcoin adoption in Nigeria and by the way we should also look at the taxation of cryptocurrency firms because they are making money from the Nigerian traders and not giving back to the country.

[letteredhub]

I just got a notification in one of the news outlet that Binance has accepted to work with Nigerian government to clamp down or Naira to Dollar dealers , which is the p2p aspect of Binance.

This was contained in this article by Peoples Gazett : https://gazettengr.com/binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/.

This is apparently one of the many defects of centralized exchanges why we encourage cryptocurrency users to never to bunk or take them serious with your bulk asset there. Imagine how they without hesitation succumb to the whims of the government at the detriment of their customers. Truth is the don't really give a f*ck about us come may whatever policy from the f*cking government.

But the joke is on binance anyway, their customer base will be affected negatively as many Nigerians now will be scouting somewhere in another exchange platform for the Naira-Dollar p2p service. The Nigeria government should focus within for the solution of their economic problems now impacting negatively on the naira and stop intimidating exchangers for the results of their own poor decisions over the years.

[Mate2237]

I also see this today

NCC directs telcos to block Binance, others website

I received a pop news from "Business Day Newspaper" today and the above link explained all. The direction is to block Binance and other cryptocurrencies but the reason is not given in the link. And I made more research on it so I got more information on the matter, you can also read it from this links, https://www.premiumtimesng.com/business/670511-forex-crisis-nigerian-govt-blocks-binance-octafx-coinbase-others.html from the above link, it says they blocked Binance because it manipulating the dollar rate in the forex exchange market in the country. The following are some of the platforms to be blocked.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others, were equally blocked.

This will affect many people using Binance as their means not transaction in the cryptocurrency ecosystem. And this came to my mind again, "Not your key Not your coins" don't keep your coins in exchange because anything can happen at any time. And if really Binance is blocked without warning from the government or from Binance for the customers to transfer their funds then many will lost enough funds.

These are the kind of things we are all avoiding in the exchange platforms. Now this will make people to dear to transfer their coins to Electrum again. Because most people because of the period of high transaction fee were saving their coins in Binance so they can make transaction easily without charge. But this will scare most. And Binance is the best among all the Centralized Exchanges I know.

[Cryptoprincess101]

If the government like let them clampdown binance P2P there are still other exchanges that people would use to perform their p2p transactions so when one door closes, another opens, clamping down exchanges would not stop the devaluation of naira as they need to focus more on the root cause of naira devaluation for so many years now because our government knows the foundational causes of naira devaluation so until they cover that loophole then our currency would continue to suffer devaluation.

 I binance succumbs to these idea of the government then they would be the ones at a greater loss because a lot of Nigerians uses binance as their most preferred exchange so dancing to the tune of the government would further lead to reduction of the number of Nigerians that uses binance for their p2p transactions.

[GiftedMAN]

After dropping this update here I hope some of us that are using binance will make use of the opportunity to do the needful so that they won't be affected as we all know that the crypto investors, Forex traders and other well meaning Nigerians are been targeted by the federal government forgetting that the so called politicians are the ones crippling the value of the naira because they have all converted their money to dollars, pounds and Euros and they are making profits now that the naira is useless.

The federal government should start with the politicians if they want to do a clean job and let the common masses to rest, the suffering is too much already.

[CryptopreneurBrainboss]

Due to the steady weakening of our naira to dollar, the Nigeria government don plan to move against Binance and other crypto exchanges base on currency manipulation on forex and money laundering d use them the execute crime activities. Because of the shady activities on crypto exchanges and currency manipulation on forex na em d contribute significantly to d weakening of our naira. Na the FG reason be that.

This one na misplaced priority because wetin the governments supposed to dey do dem no dey do am, no be to dey fight the platforms dem wey dey enable trading of NGN and USD in any of the forms whether na stablecoin or normal dollars. No be those platforms wey dey set the price na the P2P traders wey dey do am and they're depending on the operations of the economy to determine their price. Na just supply and empty something wey the affect the trading pairs for those platforms. If the governments give energy to the right places, the price of dollars go collapse on e own without the government manipulating it as they have just done.

My question come be, wetin Binance and other crypto exchange gats to do with the forex crisis? Na them be the real reason why our naira d fall yakata to dollar. Crypto exchange work no be to d give a country currency exchange to dollar. By the way, our naira no be d only currency wey Binance and other crypto exchanges have a trading value to dollar.

Control na wetin dey worry our governments, dem no know say as dem dun crash dollar rate so na temporary something dem do because when the deprecation of the Naira go come back we fit dey see dollars for 3k self. The Nigerian government just like centralized and controls and na wetin dey make  dem dey do all this things wey dem dey do. Sometimes I dey wonder if the government no get better advisors in this areas dem because how dem think say wetin dem dey do go work in fixing the country economy crisis.

[Makus]

Actually wattin dey pain me pass na be say, our government dey pretend like say dem no know the real cause of our currency devalue. Dem just dey waka here and there dey make wrong decisions thinking say dem dey try help matters, unknown to Dem say dem just dey waist time while the currency dey lost value more and more. Now na wattin concern naira value and binance? Before you go know, you go hear say dem don kukuma ban crypto for the country.

[Ever-young]

This one’s way them they do nah just temporary solution and anybody say give them this kind idea really know no watin them they do to start with, if una remember well well back when the rate been they drag to enter 700-1000 per dollar cash the government been they try to manipulate the market as them pump in small money inside the forex trading volume way come help the naira value increase small, how long that one last? Eh no too waste them way traders finish up that volum which all there effort nah just waste, nah the same thing way go happen for watin them they do now with time eh no go even reach week them go tire and market go go back if them do any real thing way go strengthen the economy.

[KupaCrypto]

The same government that don't create jobs , no employment opportunities for the youths, no stable economy, now the youth have found a way of helping themselves the same government wants to block that, no Na, this decision won't be of any good to the country and the economy, at this point other countries are going digital when it comes to currency, our own country is putting a ban on it, well I know our youths will still find a way to provide solutions to every problem.

[Doan9269]

Their worst nightmare, they should just try it and see, it wont be funny at all, all they could think is to impose the same ban like the way they did on X formerly known as twitter, exchanges are the ones responsible for their economy failures, naira keep devaluating daily because the government is doing nothing to help the people out, instead they are busy spending the federal money and allocations' alone and the consequences is quite showing on the economy we are having now.